TA Enterprise Bhd has signed a sale and purchase agreement with LaSalle Asia Opportunity II SARL to acquire Quayside Gem Ltd (QGL) for S$260.042 million
(RM635.804 million).

QGL owns the Swissotel Merchant Court Singapore, a four-star hotel with 476 rooms in Singapore. The hotel had an average occupancy rate of 78.5 percent last year, and from January-July this year, occupancy stood at 75.3 percent.

The proposed acquisition is expected to be completed by the financial year ending Jan 31, 2010.